Friends With Benefits

Summary

Swap 10,000 FWB (1% of the total supply) in exchange for 3,500 WHALE directly to and from each respective community treasury.

Abstract

This proposal looks to further diversify the FWB community treasury by swapping FWB tokens for a leading social token - WHALE. More information on the project can be found at whale.me.

The proposed amount was earmarked as a $100k swap as of March 19th. FWB is earmarked at $10/token while WHALE is earmarked at $28.50/token.

WHALE is the social token underpinning Whaleshark Pro and the WHALE Vault.

At the time of writing, the Whale Vault is estimated to have ~$50M worth of assets and over 10k Discord members.

Whaleshark has approved the swap, and the final decision to proceed rests in the hands of the FWB community.

Motivation

Social token communities offer overlap and parallels that are best shared in collaboration with one another.

The WHALE community has long been seen as a leader in the space, thanks in high part to the key role WhaleShark Pro has played in creating a high-value NFT Vault governed by the WHALE social token.

This proposal sets a precedent for FWB to be a curator in the wider social token community, looking to acquire and partner with communities growing the sector in good faith.

Whaleshark has become a prolific member of the crypto community, and even stepped up to support FWB in its time of need as a liquidity provider. He is now active in the FWB Discord, along with numerous other members of the WHALE community.

This proposal starts simply as a swap of tokens, and allows the two communities to work in collaboration with one another to explore partner programs and channels in each other’s communities.

Specification

Allow the community treasury - fwbdao.eth - to transfer 10,000 FWB directly to the WHALE Vault - 0xE7079Eec020DDfC3F1c0abe1D946C55E6Ed30eB3 - in exchange for 3,500 WHALE.

This is estimated to be 1% of the total FWB supply, or 3.5% of the community treasury.

FWB will not be subject to an enforced vesting contract, but will be held under the social contract that each community will hold the tokens in their treasury or distribute them to community members.

This proposal puts full faith in the WHALE community to hold and use FWB in a productive and value-added manner.

Benefits

• Diversify the treasury with a leading social token - WHALE
• Show strong alignment with the WHALE community
• Open a door to explore cross-coordination with a market leader.
• Put ~$100k worth of WHALE in the FWB DAO.

Drawbacks

• Allocate FWB at below market value.
• Swapped tokens will not have any enforced vesting.

Vote

• Yes: Swap 10k FWB for 3.5k WHALE
• No: Do not swap FWB for WHALE